#5 Essential Steps to Commence Operations Post COVID-19 Companies are opting for a different approach for reaching out to the consumers owing to the changing dynamics in the customer behaviour pattern
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Every pandemic or global fallout leads to changes in our day-to-day lives and leaves us with new learnings and innovations. We are hence working on new strategies to operate in the post-COVID era. Any plan that would have worked for a company in the pre-COVID era will most likely not work anymore. This global pandemic has impacted every industry, big or small, it has caused much more damage than anyone expected. This is by far the worst-hit that humanity has ever witnessed. The entire world has suffered consequences of this gruesome pandemic and the fear continues. The economy has seen a lot of ups and downs in these past few months, with lockdown and not being able to import or export products.
Gradually people are getting back to normalcy, as much as possible. Even with the risks and exposure involved a lot of industries and companies are starting to operate. Companies are opting for a different approach for reaching out to the consumers owing to the changing dynamics in the customer behaviour pattern. Here are a few essential steps that must be kept in mind while strategizing to commence operations post-Covid-19.
Analysis of the impact
The first step to commence operations is to analyse the damage that has been caused to your business. It is of utmost importance that you perform a SWOT analysis, to determine the severity of the impact on your business. This step will help you in planning and creating a focused strategy to bounce back in the market after a crisis. This analysis can be a reality check for the organization to observe the need gap and what are the steps they need to take in order to make a comeback in the market some of the questions you must find answers to are; The average loss incurred due to the pandemic? Which is the most affected product category? What distribution channel is lacking behind? Which region has seen the maximum sales drop and a comparison with figures from the last quarter? What has been the impact on the competitor? USP of the brand sets you apart from the competition? How ready are we, and what is our immediate goal?
Post the evaluation and strategizing phase, you must assess all the possible pros and cons of the strategy. During the process of weighing outcomes, one might think of a situation/issue or a solution that was not thought of previously. While measuring the outcome, play a devil's advocate and think of every possible scenario which makes you better prepared for the future. Analytically evaluating situations and having solutions ready beforehand saves a lot of unnecessary panic and chaos. This step will help you in achieving better results that would lead to your ultimate goal so that in any given situation, the outcome isn't in your favour you can change the course of action or have a contingency plan in place. There might be alternate business models or new ways to execute your business in a successful manner.
Risk analysis and mapping
When it comes to running a successful business, every move must be planned and calculated. These steps may not always be followed since there are uncertainties involved but the management must have a roadmap. Risk analysis and mapping include a systematic evaluation process to determine any possible risks that might be the outcome of any activity. The risk assessment will help you identify and understand any vulnerabilities or glitches in the strategy and give you a chance to rectify before they have a negative impact on your business. Mapping the risks provides a deeper understanding of the critical issues that may or may not impact the success of a business or a project. Analyzing the consequences involved gives you a clarity of what is at stake and how actions can impact the whole organization.
These are critical times and any company's biggest support system are its employees. So, it is crucial to maintain a clear and transparent line of communication. The key messages going out to the audience or the consumer must be concise and clear. For any organization both internal and external communication are vital and so it is a must to have the key messaging defined for external communication and regular meetings with the team members. A structured communication strategy must be created so the communication is aligned with the company, employees, and stakeholders.
Immediate plan of action
The step-by-step actions after analysing all the pros and cons must be devised. The plan should be detailed and systematic which must include aspects like success monitoring and measuring. There must be a system to analyse and compare achievements at regular intervals. This immediate action plan must also include the employee satisfaction and retention metrics along with a detailed plan of a production line, supply chain, dealers, and distributors.
We are in a different time surrounded with uncertainties; this global catastrophe has left the entire human race stunned. We must do the best we can in such a situation to get back to our normal routines and getting businesses back in the market. Following these steps might help in a successful comeback.